|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: INTEGRATED CARBONICS CORP, 10SB12G, 1998-09-30 |
Next: NORTH AMERICAN SENIOR FLOATING RATE FUND INC, 497, 1998-09-30 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: September 25, 1998
ADVANTA Home Equity Loan Trust 1998-1
New York 333-37107-02 "Pending"
c/o ADVANTA Mortgage Corp., USA
Attn: William P. Garland
16875 West Bernardo Drive
San Diego, Ca 92127
(619) 674-1800
Item 5. Other Events
Information relating to the distributions to Certificate holders
for the August, 1998 Monthly Period of the Trust in respect of
the Home Equity Loan Pass-Through Certificates, Series 1998-1
Class A (the "Certificates") issued by the Registrant and the
performance of the Trust (including distributions of principal
and interest, delinquent balances of Home Equity Loans,
and the Subordinated amount remaining), together with certain other
information relating to the certificates, is contained in the
Monthly Report for the Monthly Period provided to certificateholders
pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated as of March 1, 1998 between ADVANTA Mortgage Corp.,
USA as Servicer, and Bankers Trust Company, as Trustee.
Item 7. Financial Statements, Exhibits
Exhibit No. Exhibit
1. Monthly Report for the August, 1998 Monthly
Period relating to the Mortgage Loan Asset-
Backed Certificates Series 1998-1, Class A
issued by the ADVANTA Home Equity Loan
Trust 1998-1.
EXHIBIT INDEX
Exhibit
1. Monthly Report for the August, 1998 Monthly
Period relating to the Mortgage Loan Asset-Backed
Certificates, Series 1998-1, Class A issued by the
ADVANTA Home Equity Loan Trust 1998-1.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
ADVANTA Mortgage Loan Trust 1998-1
BY: ADVANTA Mortgage Corp., USA
BY: /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
September 30, 1998
<TABLE>
EXHIBIT 1
ADVANTA Mortgage Loan Trust 1998-1
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
A-1 143,000,000. 110,605,724. 547,4 10,001,741. 10,549,241.07
A-2 89,000,000 89,000,000 463,5 463,541.67
A-3 64,000,000 64,000,000 334,4 334,400.00
A-4 42,000,000 42,000,000 224,7 224,700.00
A-5 68,000,000 68,000,000 374,0 374,000.00
A-6 50,000,000 50,000,000 267,9 267,916.67
A-IO 208,3 208,333.33
A-7 330,000,000. 299,266,653. 1,509,72 11,667,940. 13,177,660.87
A-8 44,000,000 44,000,000 228,8 228,800.00
M-1 26,000,000 26,000,000 135,4 135,416.96
M-2 23,000,000 23,000,000 123,7 123,753.03
B-1 21,000,000 21,000,000 122,9 122,937.73
RS -
Totals 900,000,000. 836,872,378. 4,541,01 21,669,681. 26,210,701.33
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 100,603,982. 5.748400% 5.693800%
A-2 89,000,000 6.250000% 6.250000%
A-3 64,000,000 6.270000% 6.270000%
A-4 42,000,000 6.420000% 6.420000%
A-5 68,000,000 6.600000% 6.600000%
A-6 50,000,000 6.430000% 6.430000%
A-IO 5.000000% 5.000000%
A-7 287,598,713. 5.858400% 5.803800%
A-8 44,000,000 6.240000% 6.240000%
M-1 26,000,000 6.048400% 5.993800%
M-2 23,000,000 6.248400% 6.193800%
B-1 21,000,000 6.798400% 6.743800%
RS 0.000000% 0.000000%
Totals 815,202,696.33
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WER3 773.466604 3.828668 69.942248 73.770916 703.524355
A-2 00755WES1 1000 5.208333 0 5.208333 1000
A-3 00755WET9 1000 5.225 0 5.225 1000
A-4 00755WEU6 1000 5.35 0 5.35 1000
A-5 00755WEV4 1000 5.5 0 5.5 1000
A-6 00755WEW2 1000 5.358333 0 5.358333 1000
A-IO 00755WFC5 1000 4.166667 0 4.166667 1000
A-7 00755WEX0 906.868468 4.57491 35.357395 39.932305 871.511253
A-8 00755WEY8 1000 5.2 0 5.2 1000
M-1 00755WEZ5 1000 5.208345 0 5.208345 1000
M-2 00755WFA9 1000 5.380567 0 5.380567 1000
B-1 00755WFB7 1000 5.854178 0 5.854178 1000
RS AM9801113 0 0 0 0 0
</TABLE>
<TABLE>
Delinquent Loan Information:
<CAPTION>
90+ Days Loans Loans
30-59 60-89 excldg f/c,REO in in
Days Days & Bkrptcy REO Foreclosure
<S> <C> <C> <C> <C> <C>
Group 1 Principal Balanc 10,756,266 3,367,19 1,389,033 26,9 4,824,664
% of Pool Balanc 2.31389% 0.72435% 0.29881% 0.00580% 1.03788%
Number of Loans 199 59 31 1 98
% of Loans 2.51326% 0.74514% 0.39151% 0.01263% 1.23769%
Group 2 Principal Balanc 8,255,08 3,902,20 1,059,635 135,1 9,343,773
% of Pool Balanc 2.25308% 1.06504% 0.28921% 0.03688% 2.55022%
Number of Loans 112 41 13 2 108
% of Loans 2.62973% 0.96267% 0.30524% 0.04696% 2.53581%
Loans in Bankrup Group 1 2,139,107.60
Group 2 1,856,613.01
3,995,720.61
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Beginning Aggregate Mortgage Loan Balance 474,290,410. 376,104,843. 850,395,254.
Principal Reduction 9,433,759 9,713,83 19,147,592.
Ending Aggregate Mortgage Loan Balance 464,856,650. 366,391,011. 831,247,661.
Beginning Aggregate Mortgage Loan Count 8067 4362 12429
Ending Aggregate Mortgage Loan Count 7918 4259 12177
Current Weighted Average Coupon Rate 10.540488% 10.472986% 10.510634%
Next Weighted Average Coupon Rate 10.527505% 10.475090% 10.504402%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Scheduled Principal 863,51 272,5 1,136,022
Curtailments (23,0 (23,9
Prepayments 8,593,245 9,442,29 18,035,536.
Repurchases/Substitutions
Liquidation Proceeds
Other Principal
Less: Realized Losses
Less: Delinquent Principal not Advanced by Servicer
Total Principal Reduction 9,433,759 9,713,83 19,147,592.
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Accrued Servicing Fee for the Current Period 197,62 156,7 354,33
Less: Amounts to Cover Interest Shortfalls 3,8 2, 6,4
Less: Delinquent Service Fees 38,0 30,2 68,3
Collected Servicing Fees for Current Period: 155,65 123,9 279,58
Advanced Principal 107,49 12,1 119,69
Advanced Interest 821,16 635,2 1,456,426
</TABLE>
<TABLE>
<CAPTION>
Other Subordination
Prepayment Unscheduled Increase Applied Realized Loss Unpaid
Principal Principal Principal Realized Loss Amortization Realized Loss
Class Distributed Distributed Distributed Amount Amount Amount
<S> <C> <C> <C> <C> <C> <C>
A-1 8,324,38 (11,0
A-2
A-3
A-4
A-5
A-6
A-IO
A-7 9,711,15 (12,9
A-8
M-1
M-2
B-1
Total 18,035,536 (23,9
</TABLE>
<TABLE>
<CAPTION>
Prior Current Target
Has a Senior Overcolla- Extra Overcolla- Overcolla-
Trigger Event Enhancement Teralization Principal Teralization Teralization
Occurred Percentage Amount Distributed Amount Amount
<S> <S> <C> <C> <C> <C> <C>
Group I N/A N/A 6,684,68 567,98 7,252,66 7,252,668
Group II NO 22.033720% 6,838,18 1,954,107 8,792,29 12,008,191.
Total 13,522,876 2,522,089 16,044,965 19,260,859.
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 5,923,754.26
Principal Collected: 19,027,902.29
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 1,456,426.27
Delinquency Advances on Mortgage Principal 119,690.12
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 23,288.30
Capitalized Interest Requirement: -
Pre-Funding Account: -
Sum of the Above Amounts: 26,551,061.24
LESS:
Servicing Fees (including PPIS): 286,017.57
Dealer Reserve: -
Trustee Fees: 5,669.31
Insurance Premiums: 48,673.02
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 340,359.90
Total Available Funds: 26,210,701.
</TABLE>
|
|